Benefits of Wages
Wages are basically the payments given to workers for the services or labor they provided. It may be based on a weekly, daily or hourly. In some cases, wages depend on the amount of work done. Below are the main benefits of wages.
1. Regular time worked to pay ratio
Employees paid hourly wages usually have a daily schedule of eight hours, with two paid 15 minute breaks and 1 hour of unpaid lunch break. Salaried workers are usually required to relinquish their breaks, especially if the workload demands doing so. Hourly wages enable people to put in their time based on their work schedule and provide them uniform paychecks twice every month. This is highly beneficial for a person living on limited budgets and has to pay bills due at various times in the month. Actually, having regular monies at regular times enables better resource management.
2. Eliminates guilt concerning time off
When you really have to spend some time off work, you will not endure any guilt feelings if your manager is not compensating you in your absence. Wages make taking time off for attending your child’s school function or taking care of an ill child less stress-causing. In addition, wages also make it much simpler to get permission for the time off since your employer realizes that he or she will save money during your time off.
3. Overtime compensation
The other main benefit of wages over getting a salary is the opportunity of getting overtime pay for the time spent working that exceeds the standard eight hours. Wages therefore offer employees the chance of enhancing their earnings significantly once overtime pay is factored in.
Nevertheless, wages have certain drawbacks also. With wages, you do not always know the amount of money to expect unlike getting a salary.